Gorey land sells for almost €50,000/acre at auction
The holding in question was a 20-acre field in tillage at Kilmurry, Co. Wexford.
Friday, October 16, saw the very successful auction of a small land parcel near Gorey in County Wexford with local online auction specialists Quinn Property.
The holding in question was a 20-acre field in tillage at Kilmurry, Co. Wexford. According to auctioneer David Quinn, there was no shortage of interest in the build-up to the online sale.
“The lands benefit from a prime location and significant frontage onto two roads,” said David, who quoted a pre-auction guide of approximately €20,000/acre.
Over 10 bidders had registered before the event. Bids began at €200,000 and within one minute, bidding had doubled the value to €400,000 (€20,000/acre).
“Bidding showed no signs of slowing down,” adds David. “The €500,000 and €600,000 marks were passed with fierce competition between bidders."
The property was declared ‘on the market’ at €680,000, with bids continuing to come in at a rapid pace thereafter.
It was not until bidding crossed €800,000 (€40,000/acre) that things started to slow down, with only three bidders remaining active from this point. However, bidding still continued steadily to €900,000.
The hammer was about to fall at €910,000 and €920,000 before a last-minute offer on two occasions kept the auction alive. With the property at €930,000 and the auctioneer now accepting bidding increments of €10,000, a €950,000 offer was made.
There was no last-minute bid on this occasion as the hammer fell, and brought an end to an extremely lively auction which resulted in a remarkable result of €47,500 per acre.
